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Rate Reversal, Ylds Back in Range After Fri Gains

US TSYS SUMMARY
Bonds lead Tsys higher after a muted overnight session, strong support topping out around noon with markets trading sideways into the closing bell. No data to trade off of and no revelations from the Fed speakers on tap -- all-in-all a quiet start to the week on light volume (TYU1 only 870k by the closing bell).
  • First-half support was not deemed headline driven -- more positioning related, trading desks said as 10YYmoving back near last week's level of 1.475-1.50% before climbing to 1.54% on Friday.
  • Muted trade from sidelined desks ahead Fri's headline June NFP (+700k est vs.
  • +559k prior). Modest deal-tied selling on supra-sovereign issuance, light option related flow as well.
  • Other potential drivers adding impetus to the bid in rates: doubts over getting the infrastructure deal and month-end extensions (MBS climbed to 0.17 from 0.11 on prelim read).
  • The 2-Yr yield is down 1.2bps at 0.2543%, 5-Yr is down 2.7bps at 0.8942%, 10-Yr is down 4.8bps at 1.4765%, and 30-Yr is down 5.3bps at 2.0959%.
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